Bitcoin surges above $20000

Bitcoin surged on Tuesday and is seen climbing above $20,000 for the first time in three weeks. The most famous cryptocurrency settled below the milestone threshold by Tuesday early afternoon.

At the same time, bitcoin’s returns are tracking increasingly to gold and its 30-day performance now sits a highs not seen in over one year, raising the question whether investors now view it as a safe haven.

Bitcoin, like gold, finally reached the point where it is viewed by investors has an inflation hedge. This is partially true. Bitcoin previously retreated 58%, losing more than $500 billion in market cap value with the majority of that decline occurring from April to July.

Bitcoin currently trades at $20,265, nearly 3% rise on the day, flat over the past 7 days and more than 4% higher over the last three months. Following its major selling events through the second quarter, the largest digital coin and other cryptocurrencies has held up better than stocks and gold.